Carlos Slim plans to double NYT stake

2/20/14 1:26 PM EST

Carlos Slim, the Mexican telecom billionaire, is planning to raise his stake in The New York Times Co. to as much as 19 percent, more than doubling his current 8 percent investment, according to a report from Bloomberg News.

The investment by the world's second wealthiest individual would signal a major vote of confidence in the Times, which is coming off 13 consecutive quarters of declining ad revenue.

Slim has stock warrants that entitle him to the purchase of 15.9 million Times Co. shares at less than half their current market value. Bloomberg's source said Slim plans to hold the stake rather than selling it for an immediate profit.